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Surya Industrial Corporation to hold AGM

Surya Industrial Corporation to hold AGM

Sep 14,2016

Surya Industrial Corporation announced that the Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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FICCI-EY study outlines 10-point agenda to revive PPP momentum in transport sector
Aug 03,2017

A FICCI-EY study titled, Revival of PPP momentum in the transport sector, underlines the need to resolve multiple issues dampening the private sector interest and slowing the rate of private investment in the sector. It calls for key interventions to remove the roadblocks to PPP and accelerate the implementation of PPP projects. These interventions would include policy actions, regulatory changes and push the reforms agenda, which will create conducive environment for bringing investments into the sector.

The main recommendations of the Study include: Strengthening of lending institutions, Greater participation of insurance and pension funds, Establishment of Infrastructure PPP Project Review Committee (IPRC) and the Infrastructure PPP Adjudicatory Tribunal (IPAT), Setting up of 3P India as proposed in the Union Budget for 2014-15, Mechanism to keep a check on aggressive bidding , Need for independent regulators, Passing and enactment of pending Bills, Strong emphasis on performance-based contracts, Better preparation of DPR and Revisiting the Viability Gap Funding (VGF) Scheme.

The following are the recommendations in detail:

Strengthening of lending institutions

Despite the creation of other lending institutions such as IIFCL, IDFs, and IFCs, commercial banks remain a major source of debt financing of PPP projects in India. However, banks are faced with issues such as asset liability mismatch (ALM) and liquidity constraints as they have been funding long-duration infrastructure projects with their short-term deposits. Hence, strengthening of banks and other financial institutions has been long due.

In 2014, RBI attempted to resolve the issue by bringing in the 5:25 scheme, which allows banks to extend long-term loans of 20-25 years to match the cash flow of projects, while refinancing them every five or seven years. At present, the scheme is applicable to projects in which total exposure of lenders is more than INR 500 crore. Therefore, the government should also look into inclusion of projects with less than INR 500 crore of lending exposure in order to expand the scope of the scheme. On the supply side, RBI has relaxed reserve requirements and lending norms for banks so that they can issue long-term bonds with a minimum maturity of seven years to raise resources for lending to long-term projects in infrastructure subsectors.94 However, more such measures are required to augment financing in the sector. The Kelkar Committee has suggested that banks and financial institution be encouraged to issue Deep Discount Bonds or Zero Coupon Bonds (ZCB) in order to lower debt servicing costs during the initial phases of the project. Further, refinancing terms may be streamlined to allow automatic refinancing of infrastructure loans. In addition, there is an urgent need to develop appraisal skills and capacities among banks to evaluate lending proposals.

Greater participation of insurance and pension funds

Companies need access to long-term funds for infrastructure projects with long gestation periods. Globally, long-term capital is raised via capital markets where major investors are pension and insurance managers. There is an urgent need in India to tap such markets to fund its infrastructure requirement. However, there are regulatory constraints on insurance and pension funds which restricts them to invest in infrastructure sector. It is recommended that investment and exposure norms posed by the Insurance Regulatory and Development Authority (IRDA) and Pension Fund Regulatory and Development Authority (PFRDA) be relaxed in a rational way so as to encourage these funds to actively participate in infrastructure projects.

Further, the government should actively promote and issue rupee denominated Zero Coupon Bonds (ZCB). This will also help promote the general bond market in the country and attract investments from certain categories of investors such as pension funds and insurance companies.

Establishment of Infrastructure PPP Project Review Committee (IPRC) and the Infrastructure PPP Adjudicatory Tribunal (IPAT)

The Kelkar Committeen++n++s report on n++n++Revisiting and Revitalizing the PPP Model of Infrastructuren++n++ suggested a two-tier framework of the IPRC and IPAT for faster resolution of disputes relating to private sector partnerships and public procurement.

One of the roles of the IPRC would be to screen and identify actionable stress in any infrastructure PPP project in a time bound manner. The detailed evaluation of the underlying technical and financial issues should be considered by the IPRC. Constitution of IPRC by IPAT would ensure that only relevant and deserved cases which involves substantial question of law reaches the tribunal for hearing in order to save time and money during the entire process. It is suggested that IPAT be chaired by a judicial member (former Judge SC/Chief Justice HC) with a technical and/or financial member. Since an independent tribunal for PPP projects in India has been long due and the list of stressed or disputed PPP projects is growing year on year, it is recommended that the a framework for establishment of the tribunal in line with the Kelkar Committee report suggestions be developed and the independent tribunal be set up through an Act of Parliament on priority basis.

Setting up of 3P India

PPPs have so far delivered some of the iconic infrastructure like airports, ports and highways. Once termed as the panacea for infrastructure funding issues in the country, PPPs today face a plethora of challenges including but not limited to lending constraints, lack of equity in the market, poor project preparation activities, and absence of dedicated policy or regulation. There is an imminent need for continuous evolution of the PPP framework in view of the everchanging PPP environment in the country. The absence of a dedicated institution to oversee and guide the sector on the evolutionary path has led to delays in many policy and regulatory decisions.

To resolve the issue, the government in the Union Budget 2014-15 has proposed to set up an institution to provide support to mainstreaming PPPs called 3P India with a sum of INR 500 crore. It is envisaged that the institution would be set up as a Center of Excellence (CoE) for PPPs, facilitating nuanced and sophisticated models of contracting, developing quick dispute redressal mechanism of PPPs, building capacities and providing support to mainstreaming of PPPs in India. Not much progress toward a dedicated institution has been observed till now; nonetheless, there is an urgent need to set up 3P India.

Mechanism to keep a check on aggressive bidding

Aggressive bidding is a major cause of concern in PPP projects. Developers bid aggressively to bag projects on account of booming economy in order to capture the significant portion of the market share. Any adverse situation in the economy results in huge losses to the developers who then become incapable of raising funds and executing projects within the stipulated timelines. Of late, many PPP projects in roads and ports sector have witnessed aggressive bidding.

Today, authorities lack the capacity to assess whether a particular bid is aggressive or not. Hence, it is recommended that the government develop a framework that would enable authorities to analyze the lowest bid with respect to internal estimates. For each project, authorities should be able to decide the range of variation, i.e., the upper and lower limit of variation in bidding parameter (total project cost, revenue share, annuity etc.) to check aggressive bidding. Authorities may be given the power to outrightly reject any bid that is outside the prescribed range. Appropriate mechanism needs to be put in place to create a balance between transparency and safeguarding authorities and its officials. Alternatively, any outlier bid may be evaluated and scrutinized further by the authority or any institutio

Board of Star Cement approves change in company secretary
Aug 03,2017

Star Cement announced that the Board of Directors of the Company at its meeting held on 03 August 2017 has accepted the resignation of Manoj Agarwal as Company Secretary & Compliance Officer and Key Managerial Personnel of the Company with effect from 02 August 2017. The Board has appointed Debabrata Thakurta as Company Secretary & Compliance Officer and Key Managerial Personnel of the Company w.e.f. 3 August, 2017.

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VST Inds slips after poor Q1 results
Aug 03,2017

The result was announced after market hours yesterday, 2 August 2017.

Meanwhile, the S&P BSE Sensex was down 238.66 points or 0.74% at 32,237.88. The S&P BSE Mid-Cap index was down 76.84 points or 0.5% at 15,335.12.

On the BSE, 291 shares were traded on the counter so far as against the average daily volumes of 530 shares in the past one quarter. The stock had hit a high of Rs 3,054.90 and a low of Rs 2,949.95 so far during the day. The stock had hit a record high of Rs 3,774 on 3 July 2017 and a 52-week low of Rs 1,880 on 2 August 2016.

The mid-cap company has equity capital of Rs 15.44 crore. Face value per share is Rs 10.

VST Industries principal activities are manufacturing and selling cigarettes and unmanufactured tobacco.

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Board of Arrow Greentech approves incorporation of subsidiary
Aug 03,2017

Arrow Greentech announced that the Board of the company at its meeting held on 03 August 2017 has approved the proposal to form a new wholly owned subsidiary company to explore the security paper business inter-alia related to patents owned by the company.

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Blue Cloud Softech Solutions proposes reduction of capital
Aug 03,2017

Blue Cloud Softech Solutions proposes to undertake capital reduction. The Board of the Company will consider the proposal on 14 August 2017.

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Board of Greaves Cotton appoints director
Aug 03,2017

The Board of Directors of Greaves Cotton at its meeting held on 03 August 2017 has appointed Vinay Sanghi as an Additional Director (Non-executive) of the Company. He is also appointed as an Independent Director of the Company for a term of 3 years with effect from 4 August, 2017, subject to the approval of the shareholders at the 99th Annual General Meeting of the Company.

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Wonderla Holidays to table results
Aug 03,2017

Wonderla Holidays will hold a meeting of the Board of Directors of the Company on 9 August 2017, to consider and approve unaudited financial results of the Company for the quarter ended 30th June 2017.

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BLS International Services announces board meeting date
Aug 03,2017

BLS International Services will hold a meeting of the Board of Directors of the Company on 9 August 2017 To Consider and Approve Unaudited Financials for the First Quarter ended on 30th June 2017.

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Bazel Intl. to hold board meeting
Aug 03,2017

Bazel Intl. will hold a meeting of the Board of Directors of the Company on 10 August 2017, to consider, approve and take on record the Unaudited Financial Results of the Company for the quarter ended on 30th June, 2017.

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Shree Nidhi Trading Company to convene board meeting
Aug 03,2017

Shree Nidhi Trading Company will hold a meeting of the Board of Directors of the Company on 14 August 2017, to consider and approve the Unaudited Financial Results of the Company for the quarter ended on 30th June, 2017.

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Layla Textile & Traders to conduct board meeting
Aug 03,2017

Layla Textile & Traders will hold a meeting of the Board of Directors of the Company on 4 August 2017.

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Inox Wind schedules board meeting
Aug 03,2017

Inox Wind will hold a meeting of the Board of Directors of the Company on 9 August 2017, to consider, approve and take on record the Standalone and Consolidated Unaudited Financial Results of the Company for the quarter ended 30th June, 2017.

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West Coast Paper Mills to discuss results
Aug 03,2017

West Coast Paper Mills will hold a meeting of the Board of Directors of the Company on 9 August 2017, to approve the unaudited Financial Results of the Company for the quarter ended on June 30, 2017.

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Board of Medicamen Biotech recommends dividend
Aug 03,2017

Medicamen Biotech announced that the Board of Directors of the Company at its meeting held on 2 August 2017, inter alia, have recommended the dividend of Rs 1 per equity Share (i.e. 10%) , subject to the approval of the shareholders.

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Fortis Healthcare in pink of health after large bulk deal
Aug 03,2017

Meanwhile, the S&P BSE Sensex was down 181.77 points or 0.56% at 32,294.97. The S&P BSE Mid-Cap index fell 13.48 points or 0.09% at 15,398.48.

Bulk deal boosted volume on the scrip. On the BSE, 65.16 lakh shares were traded on the counter so far as against the average daily volumes of 8.31 lakh shares in the past one quarter. The stock had hit a high of Rs 164 and a low of Rs 153 so far during the day. The stock had hit a record high of Rs 230.90 on 3 May 2017 and a 52-week low of Rs 142.60 on 9 November 2016.

The stock had underperformed the market over the past one month till 2 August 2017, falling 1.86% compared with 4.06% rise in the Sensex. The scrip had underperformed the market in past one quarter, falling 29.48% as against Sensexs 7.80% rise. The scrip had also underperformed the market in past one year, declining 19.39% as against Sensexs 17.26% rise.

The mid-cap company has equity capital of Rs 518.52 crore. Face value per share is Rs 10.

Fortis Healthcare reported consolidated net loss of Rs 37.52 crore in Q4 March 2017 compared with net loss of Rs 87.60 crore in Q4 March 2016. Net sales rose 5% to Rs 1123.43 crore in Q4 March 2017 over Q4 March 2016.

Fortis Healthcare is a leading integrated healthcare delivery service provider in India.

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